Bitcoin price and daily trading volume slump as cryptos bleed again
|- Cryptocurrency trading volume ascends to highest levels since April 2018 as cryptocurrencies recover slightly.
- Bitcoin path of least resistance is downwards as the bears regain control.
The cryptocurrency market is slowly retracing downwards in the wake of the gains that have dominated in the last three days. Bitcoin, for example, is trending 1.22% lower on Thursday. Besides, it has slipped below $3,900. All of the top twenty cryptocurrencies are bleeding with losses between 1.22% and 6%. In fact, it appears that the bears are back to revenge after the bulls greatly outperformed them.
According to the data on CoinMarketCap, Bitcoin trading volume is trending lower after hitting 2019 high at $9.9 billion. In the last 24 hours, the volume has decreased to $8.7 billion. Similarly, the market cap, which stepped above $70 billion yesterday is standing at $69 billion at press time.
However, the total trading volume on the market hit highs around $33.7 billion on Monday this week. This was the highest level the volume has reached since the bull rally in April 2018 where the market achieved a trading volume of $40 billion. Currently, the trading volume has retraced below $30 billion to $29 billion.
Bitcoin price almost brushed shoulders with $4,000 but formed highs around $3,987.33 before starting to correct lower. It is trading at $3,897.59 at the time of writing. Moreover, there is a growing bearing trend that if not checked, it could lead to further breakdown towards $3,800 (next support). The 50-day Simple Moving Average (SMA) in above the longer term 100-day SMA to show that the bulls still have some influence on the price in spite of the recoil. However, other indicators like the Relative Strength Index (RSI) and the stochastic are pointing to the south to show that the bears have more control. Therefore, the path of least resistance is downwards.
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